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Why Nifty, Sensex Are Likely to Open Higher Today?

Published 03-02-2021, 08:50 am
Updated 03-02-2021, 08:51 am
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By Aditya Raghunath

Investing.com -- Indian markets have gained over 7.5% in this week’s two trading sessions, erasing all the losses from last week. While the markets have been on a hot streak, it is likely that the cool-off will begin soon. However, global cues indicate that Nifty and BSE Sensex will likely open higher for the third day in a row.

A broad-based rally might not be the mood of the day today, and it is likely that investors will look at specific sectors to buy into. Nifty 50 Futures in Singapore are trading up 0.18% at the time of this report and that indicates a positive opening for India.

Asian markets have opened higher with Nikkei 225 trading up 0.67% and KOSPI trading up 0.43%. US markets also traded up for the second day in a row boosted by Alphabet, Google’s parent company, and Amazon (NASDAQ:AMZN) earnings. US Futures are also up with Dow up 0.17%, S&P up 0.33% and Nasdaq Futures up 0.46%.

Crude oil increased by over 2% yesterday and has since been trading over $55. This is because major oil producers have limited production and have aligned output with commitments. This also means that there will be limited chances of a sudden glut in the market.

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